FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person * ECKERMANN DAN C   2. Issuer Name and Ticker or Trading Symbol ROWAN COMPANIES INC [RDC] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director _____ 10% Owner __X__ Officer (give title below) _____ Other (specify below) VP - Manufacturing (Last) (First) (Middle) 811 ESTES DRIVE 3. Date of Earliest Transaction (Month/Day/Year) 05/19/2008 (Street) LONGVIEW, TX 75602 4. If Amendment, Date Original Filed(Month/Day/Year) 6. Individual or Joint/Group Filing(Check Applicable Line) _X_ Form filed by One Reporting Person ___ Form filed by More than One Reporting Person (City) (State) (Zip) Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Common Stock 05/19/2008   C(1)   21,333 A $ 14.0625 64,108 (2) D   Common Stock 05/19/2008   C(3)   20,000 A $ 28.25 84,108 (2) D   Common Stock 05/19/2008   S   14,917 D $ 46.31 69,191 (2) D   Common Stock 05/19/2008   S   4,112 D $ 46.4 65,079 (2) D   Common Stock 05/19/2008   S   3,505 D $ 46.42 61,574 (2) D

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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 3)

2. Conversion or Exercise Price of Derivative Security

3. Transaction Date (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

4. Transaction Code (Instr. 8)

5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5)

6. Date Exercisable and Expiration Date (Month/Day/Year)

7. Title and Amount of Underlying Securities (Instr. 3 and 4)

8. Price of Derivative Security (Instr. 5)

9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)

10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)

11. Nature of Indirect Beneficial Ownership (Instr. 4)

Code

V

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Convertible Debenture (1)

$ 14.0625

05/19/2008

C

$ 300,000

04/24/2000(4)

04/24/2009

Common Stock

21,333

$ 0

0

D

Convertible Debentures (3)

$ 28.25

05/19/2008

C

$ 565,000

04/27/2001(5)

04/27/2010

Common Stock

20,000

$ 0

0

D

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
ECKERMANN DAN C 811 ESTES DRIVE LONGVIEW, TX 75602			VP - Manufacturing

Signatures

/s/ Melanie M. Trent, Attorney-in-Fact		05/20/2008
**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1)	The reporting person converted certain convertible debentures on May 19, 2008 at a conversion price of $14.0625 per share, resulting in the acquisition of 21,333 shares of common stock.
(2)	Includes 17,774 shares of restricted stock held by the reporting person.
(3)	The reporting person converted certain convertible debentures on May 19, 2008 at a conversion price of $28.25 per share, resulting in the acquisition of 20,000 shares of common stock.
(4)	This debenture became exercisable in four equal installments on April 24, 2000, 2001, 2002 and 2003.
(5)	This debenture became exercisable in four equal installments on April 27, 2001, 2002, 2003 and 2004.

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